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HSBC plans two-year market-linked step-up notes on Stoxx Europe 600 Banks index
By Emma Trincal
New York, June 11 – HSBC USA Inc. plans to price 0% market-linked step-up notes due June 2023 linked to the Stoxx Europe 600 Banks index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes at or above its initial level, the payout at maturity will be par of $10 plus the greater of the step-up payment and the index return. The step-up payment is expected to be 23.5% to 27.5% and will be set at pricing.
Investors will lose 1% for each 1% decline of the index from its initial level.
BofA Securities, Inc. is the agent.
The notes will price in June and settle in July.
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